PhaseBio Closes Refinancing With AstraZeneca To Further Drug Trials

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photo credit: Pills via photopin (license)

PhaseBio Pharmaceuticals, Inc. of Malvern has closed a $40 million Series C financing round led by AstraZeneca.

The clinical-stage biopharmaceutical firm is focused on biopolymer-based drugs and on developing treatments for metabolic and specialty cardiopulmonary disorders. The investment will enable testing progression of PhaseBio’s once-weekly insulin, and drugs for heart failure, cardiomyopathy and muscular dystrophy.

Michael Gutch, executive director of Corporate Development at AstraZeneca, has joined PhaseBio’s board of directors and Donald Dwyer, executive director of Evaluations at AstraZeneca has joined as a board observer.

PE0139 is a first-in-class, super long-acting, fully native basal insulin intended for once-weekly subcutaneous administration.

“The investment from AstraZeneca, together with our existing investors, provides PhaseBio with a great deal of operational flexibility and resources to advance PE0139 into a Phase 2a study, as well as to initiate Phase 2a trials of PB1046 for acute heart failure and for cardiomyopathy in Duchenne and Becker muscular dystrophy patients,” said Jonathan P. Mow, chief executive officer of PhaseBio. “Given the broad potential for PB1046 to treat both heart failure and orphan diseases, we have the flexibility to either develop and launch the product on our own or in collaboration with a partner.”

PhaseBio says it is positioned for growth and recently expanded its leadership team. Clay Thorp, general partner at Hatteras Venture Partners, is now executive chairman of the board of directors and James Ballance is now vice president of Research and Scientific Affairs.

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Top photo credit: Pills via photopin (license)

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